BCP Singapore Insurance Act & Legal Framework

Question 1

Which government body regulates the insurance industry in Singapore?

Accepted Answer

Monetary Authority of Singapore (MAS)

Answer

Singapore Exchange (SGX)

Answer

Ministry of Finance (MOF)

Answer

Accounting and Corporate Regulatory Authority (ACRA)

Question 2

Under the Singapore Insurance Act, what is the minimum paid-up capital required for a direct insurer licensed to carry on general insurance business?

Accepted Answer

S$10 million

Answer

S$5 million

Answer

S$25 million

Answer

S$50 million

Question 3

Which of the following is NOT a class of insurance business under the Singapore Insurance Act?

Accepted Answer

Agricultural insurance

Answer

Life insurance

Answer

General insurance

Answer

Health insurance

Question 4

What does the term 'policyholder protection' refer to under Singapore's regulatory framework?

Accepted Answer

Safeguarding policyholders' interests and ensuring insurers can meet obligations

Answer

Protection of insurers from fraudulent claims

Answer

Protecting agents from legal liability

Answer

Ensuring premiums remain affordable

Question 5

Under the Insurance Act, what must an insurer do if it wishes to carry on a new class of insurance business?

Accepted Answer

Apply for MAS approval

Answer

Notify MAS within 30 days

Answer

Inform the Singapore Parliament

Answer

Register with ACRA

Question 6

Which legislation governs the professional conduct of insurance intermediaries in Singapore?

Accepted Answer

Financial Advisers Act (FAA)

Answer

Companies Act

Answer

Securities and Futures Act

Answer

Moneylenders Act